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Market LIVE: Nifty gives up 14,650, Sensex falls below 48,600; Asian Paints top gainer, TCS shares fall – The Financial Express

Asian peers were seen trading in the green with Japan’s Nikkei 225 rising 1.43 per cent. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading in the red on Friday. BSE Sensex was trading above 48,500, while the broader Nifty 50 index was ruling below 14,650. Asian Paints, Titan Company, State Bank of India (SBI), ITC, Bharti Airtel, ICICI Bank, Nestle India, Dr Reddy’s Laboratories, were among top BSE Sensex gainers. Mahindra & Mahindra (M&M), ONGC, NTPC, Tata Consultancy Services (TCS), Tech Mahindra, Power Grid Corporation of India were top index laggards. Trend among Nifty sectoral indices was largely negative. Nifty FMCG, Nifty Pharma and Nifty PSU Bank indices were trading in the positive territory. While Nifty Metal index fell over 2 per cent.

PowerGrid Infrastructure Investment Trust (InvIT) IPO shares are scheduled to be listed on stock exchanges on Friday. The company finalised the IPO share allotment earlier this week. The public issue was subscribed 4.83 times on the last day of the subscription. The Rs 7,735-crore issue received bids for 205 crore units against 42 crore units on offer. This is the first Infrastructure Investment Trust (InvIT) in the country to be floated by a public sector company.

COMEX gold trades little changed near $1820/oz after a 0.1% gain yesterday. Gold stabilized as US bond yields eased back after testing the highest level in more than a month. Also supporting price is increased tensions between Israel and Gaza. However, weighing on price is ETF outflows, concerns about consumer demand in India and increasing debate that inflation pressure may cause monetary tightening. Gold may remain choppy reflecting volatility in the US dollar however we expect buying interest to emerge at lower levels as Fed is likely to maintain a dovish stance. Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities

Today, the Indian rupee is likely to open on a flat note with an expected range of 73.35-73.60. It was seen trading sharply lower upto 73.65 in NDF market on the release of US inflation on Wednesday, but it recovered yesterday on a rebound in the US and Asian markets. The weak domestic fundamentals are suggesting that the Rupee should ideally depreciate upto 74-74.50 levels. But strong IPO & QIP along with MSCI rebalancing flow are expected to attract dollar flood into India. This is continuously capping Rupee’s losses; especially in a pessimistic local sentiment. Thus, Rupee could feel like a sandwich from mixed cues. Overall, the short-term momentum in Rupee is likely to squeeze down further with a range of 73.20-74.50. After Inflation data, the focus shifts to today’s US retail sales figure. Amit Pabari, managing director, CR Forex Advisors

Gold has historically performed well amid high inflation. In years when inflation was higher than 3%, gold’s price increased 15% on average. Notably too, gold does well in periods of deflation. Such periods are typically characterized by low-interest rates and high financial stress, all of which tend to boost demand for gold.

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Trend among Nifty sectoral indices was largely negative. Nifty FMCG, Nifty Pharma and Nifty PSU Bank indices were trading in the positive territory. While Nifty Metal index fell over 2 per cent.

Mahindra & Mahindra (M&M), ONGC, NTPC, Tata Consultancy Services (TCS), Tech Mahindra, Power Grid Corporation of India were top index laggards.

Asian Paints, Titan Company, State Bank of India (SBI), ITC, Bharti Airtel, ICICI Bank, Nestle India, Dr Reddy’s Laboratories, were among top BSE Sensex gainers

BSE Sensex was trading flat at 48,750, while the broader Nifty 50 index was trading below 14,750 on Friday.

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BSE Sensex surged over 300 points to 48,994 levels in the pre-opening session on Friday.

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Shareholders of Indian Overseas Bank (IOB) have given their approval for issuance of 246,54,23,932 equity shares to the government of India on a preferential basis for the capital infusion of Rs 4,100 crore. The EGM was conducted through virtual mode.

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On Wednesday, foreign institutional investors (FIIs) net sold shares worth Rs 1,260.59 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 704.36 crore in the Indian equity market.

Larsen & Toubro, Dr Reddy’s Laboratories, Cipla, Aditya Birla Capital, Macrotech Developers, Balkrishna Industries, Indigo Paints, Jindal Stainless, Just Dial, Kesoram Industries, Mindspace Business Parks REIT, Oberoi Realty, Reliance Infrastructure, Rossari Biotech, Surbhi Industries, and Welspun India, among others will release their quarterly results on May 14

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The value of foreign portfolio investors’ (FPI) holdings in domestic equities reached USD 552 billion in three months to March 2021, a surge of 7 per cent from the preceding quarter, according to a Morningstar report. This was largely on the back of robust net inflows from FPIs, coupled with a strong performance of the Indian equity markets.

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The ongoing second COVID-19 wave is affecting private equity and venture capital investments in terms of the deal numbers witnessed in April, a report said on Thursday. However, going by deal value, the PE and VC investments jumped to USD 7.5 billion in April, up 37 per cent over March’s USD 5.5 billion, and 6.5 times higher than the USD 1.1 billion registered in April 2020.

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BSE Sensex total returns have beaten gold prices by over 50% in the last 21 years. However, this still doesn’t mean that investors should not look at buying gold this Akshaya Tritiya. Gold can act an excellent hedge for household budgets against inflation, experts say. S&P BSE Sensex has moved from 4,141 points in 1999 to 49,206 points in 2021 (Friday’s close). Similarly, gold prices gained from an average of Rs 4,234 per 10 grams in 1999 to Rs 47,760 per 10 grams now (Friday’s close of MCX gold futures).

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India’s factory output climbed 22.4 per cent in March, benefiting from the base effect of the lockdown-marred month a year back as well as a turnaround in the manufacturing sector, while retail inflation slipped to a three-month low of 4.29 per cent in April.

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